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News & views

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Company filing dates and reasonable excuses

The statutory filing date for a Corporation Tax return is twelve months after the end of the relevant accounting period. If you miss the deadline but have a reasonable excuse then HMRC will consider it.

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Self-assessment tax deadline approaching

The deadline to file your 2020/21 self-assessment tax return is approaching. Taxpayers that choose to file via a paper return have a deadline of 31 October 2021. If you file electronically, the filing deadline is 31 January 2022.

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Return to higher VAT rates for hospitality traders

The temporary reduced rate of VAT (5%), introduced in July 2020 to assist qualifying hospitality trades disrupted by COVID lockdown measures, was increased to 12.5% on 1 October 2021. Based on present information, from 1 April 2022, this 12.5% rate will revert to the 20% standard rate.

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Tax Diary November/December 2021

Key dates for your diary in November and December 2021.

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National Insurance and Dividend tax increases

Boris Johnson has announced a rise in National Insurance contributions and dividend tax to raise £36bn over the next three years for health and social care reform. In April 2022, the hybrid rates of Income Tax on dividend income are increasing by 1.25 percentage points.

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September Furlough Deadline

Furlough claims made in September 2021 must be submitted to HMRC by Thursday 14 October 2021. This is the last opportunity to claim from the Coronavirus Job Retention Scheme (CJRS) which ended on 30 September 2021.

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Students are warned of tax scams

HMRC is warning university students taking part-time jobs are at increased risk of falling victim to scams.

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Tax Diary October/November 2021

Tax Diary for the months of October and November 2021

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NIC increase to affect all employed and self-employed workers from April 2022

Boris Johnson has announced a rise in National Insurance contributions and dividend tax to raise £36bn over the next three years for health and social care reform.

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MTD for income tax self-assessment delayed until 6 April 2024

The government has delayed the start of MTD ITSA (Making Tax Digital for Income Tax Self-Assessment) from 6 April 2023 to 6 April 2024 for self-employed businesses and landlords, with MTD for general partnerships postponed to 6 April 2025. 

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The Statutory Sick Pay (SSP) rebate scheme is closing soon

The COVID-19 Statutory Sick Pay (SSP) Rebate Scheme was introduced to allow eligible employers with fewer than 250 employees to apply to HMRC for reimbursement of statutory sick pay (SSP) for employees' sickness absences resulting from COVID-19.

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Recovering Tax on duty-free purchases

One (potentially large) benefit of Brexit is that from 1st January 2021 residents of England, Scotland and Wales shopping in the EU (or Northern Ireland) are eligible to shop tax-free on certain goods as a private consumer.